Real Estate Journal — July 17 - 30, 2015 — 5A
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M id A tlantic
American Realty Advisors acquires 453,883 s/f portfolio
W 72,209 s/f net-leased asset at 705 Edgewood St. NE Marcus & Millichap arranges $14.2msale inWashington,DC ASHINGTON, DC — Marcus &Milli- chap has arranged
the sale of 705 Edgewood St. NE, a 72,209 s/f, two-story commercial building in Wash- ington, DC. The asset sold for $14.2 million. Robert Filley, a senior di- rector of Marcus &Millichap’s National Office and Industrial Properties Group, Josh Feld- man , associate vice president investments, and associate BenjaminWilson , all inMar- cus &Millichap’s Washington, DC office, had the listing to market the property on behalf of the seller, 705 Edgewood Associates LLC. The property was purchased by an affiliate of Mosaic Realty Partners . “The building’s proximity to the Rhode Island Avenue Metro station and the planned redevelopment of the Rhode WASHINGTON, DC — Urban Pace , one of Wash- ington, DC’s leading new home sales and marketing firms, has sold out Victoria, an all-new condominium in the dynamic 14th St. Corridor inWashington, DC. Victoria’s condominium homes sold from $350,000 to $1,077,000, with a top price of over $800 psf. Built by Drummond De- velopment , Victoria features elevator service, underground parking, outdoor spaces, and some of the best views in the city. Located at 1443 Chapin St., NW, just steps from historic Meridian Hill Park, Victoria has 16 one- and two-bedroom residences in- cluding four luxurious duplex penthouses. Urban Pace president Lynn Hackney said: “Victoria sold at prices that exceeded our expectations, a testament to the project’s quality construc- tion and excellent location with the best of both worlds: the tranquility of Meridian Hill Park and proximity to the restaurants, shops, and nightlife along 14th and U
real estate auctions
American Realty Advisors has acquired a 100%-leased class A industrial portfolio totaling 453,883 s/f in Virginia
tinued affluent population growth of the surround- ing neighborhoods and the lagged recovery of theWash- ington DC metro economy are also likely to have a significant impact on long- term asset value. “Supply available for tra- ditional warehouse users has dwindled in recent years due to robust demand from data storage users due to the global growth of mo- bile and Internet-related digital content. In addition, the growing importance of e-commerce and same-day shipping to the local afflu- ent population will drive demand,” Cannon adds. American Realty Advi- sors plans to implement a series of improvements to the properties that will in- crease the portfolio’s overall physical condition and curb appeal to maintain a high level of occupancy. “Through our strategic and aggressive asset man- agement process, Ameri- can will be able to realize increasing cash flow over time and deliver predictable current yields to its inves- tors over a long-term hold period,” said Cannon. The two-property indus- trial portfolio is located at 3900 Stonecroft Blvd. in Chantilly, VA, and 45110 Ocean Court, in Sterling, VA. The seller, an institutional investment management firm, was represented by James Cassidy of DTZ ’s Washington DC office. n
CHANTILLY/ STER- LING, VA — American Realty Advisors , an insti- tutional real estate invest- ment manager with nearly $7 billion in assets under management, has acquired a 100%-leased class A in- dustrial portfolio totaling 453,883 s/f in Virginia. The portfolio consists of two industrial buildings located within master- planned business parks in close proximity to the Dulles International Airport and Washington DC’s major roadways, according to Eric Cannon , senior director, in- vestment group at American Realty Advisors. “This region is experi- encing strong positive net absorption, low vacancy, and continued rent growth, which is consistent with American’s research-driv- en investment strategy to source and acquire func- tional in-fill, multi-tenant industrial in well-located supply-constrained mar- kets,” said Cannon. “In ad- dition to the strength of the location, the contractual in-place rents are currently below-market, providing the opportunity for American to grow long-term cash flow and cash-on-cash returns for investors.” The buildings are occupied by Unicom Government, Synnex Corporation, Cos- mos Granite &Marble, U.S. Postal Service, FSA Net- work, and JAS Forwarding, among other tenants. Cannon notes that con-
705 Edgewood St. NE
Island Avenue shopping cen- ter, which is on the building’s south border, drove demand for this net-leased asset,” said Filley. Situated on a 1.48-acre par- cel, the building was 65% oc-
cupied by the WilliamE. Doar, Jr. Public Charter School for the Performing Arts at the time of the sale. There is 25,374 s/f of additional indus- trial/flex space available for lease. n
Urban Pace sells out Victoria on 14th Street, built by Drummond Development
Victoria
Streets.” Drummond principal Steve Schwat said: “For a long time, we have aimed to build condominium homes that dif- ferentiate themselves from the rest of the product in the market. Quality in design and construction as well as thoughtful amenities help to create homes that our buyers appreciate. We were able to achieve such a high price per square foot at Victoria thanks to the project’s DNA, the mar- ket, and the skills of our sales
partner, Urban Pace.” Victoria is the second con- dominium project on Chapin St. completed by Drummond Development, the for-sale division of Urban Invest- ment Partners . Meridian Heights, completed in 2005 at 1421 Chapin St., is among a number of condominium projects built or renovated by Drummond in the last few years, including The Archbold, Providence Square, Penn Circle, The Drummond, and WY18. n
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